Financial experts and the supporters of online currency, Bitcoin are still confidence over the future of the currency even after the collapse of Mt. Gox of Torkyo, which was of the world's largest exchange for digital currency transactions.
The government said that it will look at factors that resulted in the closure of the exchange, which was the leading exchange for bitcoin virtual currency. The currency did not have much value earlier but its value increased significantly after online traders began using it for business purposes. The value of increasing popular cyber currency, Bitcoin has risen to the mark of $1,000 for the first time since it was created.
UK's tough financial regulator, Andrew Bailey has indicated that he will take tougher line against the industry in the country than his predecessors.
He said that he will take a tough stance in supervising Britain's discredited banks following a series of scandals in in the financial sector in the country. Bailey will now act as head of the Prudential Regulation Authority and deputy governor of the Bank of England and will have authority to regulate the banking sector in the country.
New Delhi, Feb 6 : Finance Minister P. Chidambaram felicitated, the first batch of over 300 successful candidates from the National Capital Region who have completed their industry oriented training courses under the National Skill Certification and Monetary Reward Scheme .
These candidates who were trained under the STAR scheme skilled in 11 different industry sectors received their STAR certificates on the completion of their respective courses. The scheme was launched by the Finance Minister on August 16, 2013 and is being implemented on a pan-India basis by the
The finance ministry may achieve its fiscal deficit target of 4.8 per cent, as stated in the government's Budget Estimate for the current financial year.
The union government's fiscal deficit reached 95.2 per cent of the Budget Estimate in just nine months (April to December 2013) of the current financial year.
The government may relax the curbs on gold imports by the end of current financial year if manages to control the country's ballooning current account deficit (CAD), Union Finance Minister P. Chidambaram said.
India is the world's second largest consumer of gold, after China. Heavy imports of the precious yellow metal led to ballooning of the country's CAD to a record high last year, forcing the government to take strict measures to curb imports of the metal.
A court in New York has approved a non-prosecution agreement between JPMorgan Chase the US authorities to settle criminal charges against the banking giant for its failure to report its concerns about Bernard Madoff's private investment service.
U. S. District Judge Kevin Castel gave his approval to $1.7 billion deal between the banking institution and the authorities. The bank has said that it will settle allegations that it ignored signs of Bernard Madoff's Ponzi scheme. The bank has been working to reach a settlement with federal authorities, according to people closer to the matter.
US financial giant, JPMorgan Chase & Co has said that it has agreed to pay $2 billion to reach a settlement in the case involving Bernard Madoff's Ponzi scheme.
The bank has said that it will settle allegations that it ignored signs of Bernard Madoff's Ponzi scheme. The bank is moving to reach a $2 billion settlement with federal authorities, according to people closer to the matter. The bank is being accused of ignoring signs of scheme.
The government on Thursday approved a Rs. 1,405 crore project to track and monitor public transport and provide the panic buttons for use in an emergency by the female passengers, Finance Minister P Chidambaram announced.
Under the project, a global positioning system (GPS) will be installed at the national and state level to track and monitor public buses in 32 cities. Public transport will also be equipped with video recording-capable cameras and panic buttons for use in any emergency.
The Financial Services Bill, which included a set of reforms aimed at making the banking sector stronger to withstand crisis, will now become law in the UK following the Royal Assent.
The Financial Services Bill received the Royal Assent after it was approved by the British Parliament earlier. The new laws will require banks to ring-fence High Street operations from more high-risk investment banking businesses. The new laws will also give powers to the regulators to be able to split banks in order to protect their future.
British markets' regulator, the Financial Conduct Authority has said that it has launched an investigation into allegations that the Royal Bank of Scotland Group Plc forced small firms to collapse I order to acquire their assets at lower value.
The spending watchdog the National Audit Office (NAO), has said that there no information relating to total of 368,000 student borrowers.
The NAO said that there is not information of current employment record or other information relating to their earnings. The lack of information may be as the students are unemployed or EU students who have returned home or UK students who have moved to other countries. The government lacks enough information to make a decision over if the students should be asked to repay the loans and how much loan should be repaid.
The authorities in the UK have decided to sell a part of its student loan book in order to boost its financial position but the move is likely to trigger student protests across university campuses as it might lead of higher debt burden on students.
The government had announced in June that it is planning to sell student loans to private firms before the elections. The sale will include £900 million of debt on loans taken up by the students mainly in the 1990s in the country. The government has earlier sold student loans twice but this will be the largest sale and will help in reducing public debt.
Ratan Tata, Chairman Emeritus of slat-to-software conglomerate Tata Group, has Sachin Tendulkar-like charisma in India Inc, according to Finance Minister P Chidambaram.
Mr. Chidambaram said that Indians admire Mr. Tata for creating wealth for millions of people in India and for several thousands worldwide.
Praising Mr. Tata, the finance minister said, "When I walked into the room, I realised that Ratan was as big a draw as Sachin; so many of you are here rather than Wankhede stadium."
Anup Wadhawan, the Joint Secretary with the Department of Financial Services, assumed concurrent charge as Chairman of the Pension Fund Regulatory & Development Authority (PFRDA) on Wednesday to fill the vacancy created by the abrupt resignation of Yogesh Agarwal.
Mr. Agarwal stepped down as chairman of the PFRDA, years before the previously scheduled end of his five-year term in 2015.
While the PFRDA remained tight-lipped on the reasons for Mr. Agarwal's resignation, reports suggest that a finance ministry investigation into appointments made by Mr. Agarwal prompted the unprecedented move.
The Financial Conduct Authority, a UK based regulator, has said created a new law in order to protect the minority investors in London-listed companies.
Under the new rules, the Financial Conduct Authority said that businesses with controlling shareholders, which is 30 per cent or more of all shares, will now have to ensure that the company is run independently in order to be able to hold on to their shareholdings. The new rules were made following some cases involving companies whose shareholders were dominated by the founders.
According to a new report, immigrants to the UK since 2000 have made a significant contribution to public finances.
The study by University College London said that the recent immigrants were much less likely to claim benefits and live in social housing than the people who were born in the UK. They said that instead of being a drain on the economy, the recent immigrants have been strong contributors to the UK’s economy. The government has said that it is justified in making touch rules to protect the benefits system.
Northern Ireland manufacturing giant, Caterpillar has said that it is planning to invest around £7 million, a move that is expected to create about 100 new jobs in the region.
Caterpillar, which had acquired FG Wilson in 1999, had cut 700 jobs as it was moving some manufacturing to China in September 2012. The company was set to create 200 jobs in Belfast to support Caterpillar's global operations. The company is now planning to add new production line to make its yellow-coloured Cat machines for which the company is most famous. The machine is used by customers around the world for scrap sorting and handling, and forestry use.
London, Oct. 26 - American bank JPMorgan (JPM) has agreed to pay 5.1 billion dollars to resolve the U. S. Federal Housing Finance Agency (FHFA) claims that it misled mortgage giants Fannie Mae (FNMA) and Freddie Mac about risky mortgage securities before the housing market collapsed.
The bank added that the agreement relates to approximately 33.8 billion dollars of securities purchased by Fannie Mae and Freddie Mac from JP Morgan, Bear Stearns and Washington Mutual from 2005 - 2007, the BBC reports.
Jignesh Shah, the promoter of Financial Technologies India Ltd (FTIL), on Tuesday refused to quit the board of the Multi Commodity Exchange of India Ltd (MCX).
Shah's FTIL is the holding company of the National Spot Exchange (NSEL), which is under the market regulators' scrutiny for the alleged Rs 5,600-crore scam. Many members of the MCX board have been demanding Shah to resign as part of their efforts to insulate MCX from the ongoing crisis at the NSEL.
US financial giant, JPMorgan Chase is moving closer to a $13 billion deal with regulators to settle civil charges relating to its behaviour in the financial markets at the beginning of the financial crisis.
The shares of the bank have remained largely flat indicating that the market has faith on the bank's ability to resolve the matter and that CEO Jamie Dimon would continue to remain the head of the bank after the settlement deal. Some noted that the JPMorgan Chase has performed better than most major banks under Dimon even as it continues to work to resolve issues with the regulators.